Digital lending start-up EarlySalary has rebranded itself as Fibe and aims to fortify its presence by achieving an AUM (Assets Under Management) of $2.5 billion over the next five years.
Fibe aims to expand operations across verticals to build a large presence in its product lines. It targets to build a larger network of BNPL partners and intends to expand its presence in tier III and tier IV cities, the firm said in a statement.
“EarlySalary as a brand name worked well for us when we started with our Salary Advance business. Over the years, we have launched a suite of financial products ranging from Instant Cash Loans as well as BNPL facilities across Edtech, Healthcare and Consumer tech. Furthermore, we’ve also evolved to serve a more diverse customer base. Hence, the change in brand positioning was pertinent,” said Akshay Mehrotra, co-founder and CEO of Fibe.
“Fibe will focus on multi-channel and multi-vertical customer acquisition. The new branding backed by technology is bound to create ease of access and thereby creating a frictionless experience for availing of financial services. For the same, we have also created a new website called Fibe.in,” he added.
The name Fibe is a confluence of ‘Finance+vibe’ that denotes the brand’s efforts to provide a hassle-free financing experience, the statement said.
The company has disbursed nearly 2.8 million loans worth $1 billion until now. Further, Fibe has expanded its presence from 18 cities to 150 cities and increased its customer base from 35,000 to 1 lakh new customers per month, the firm said.
“The rebranding reflects our broader vision of growing our services and customer segment. EarlySalary as a brand name has built positively in the minds of our consumers and Fibe shall continue to resonate the same going forward,” said Ashish Goyal, co-founder and CFO of Fibe.
The company had raised $110 million in series D funding led by TPG’s The Rise Fund & Norwest Venture Partners in August earlier this year.
